Machinery Market Tips

Used machinery auction prices stayed strong through the end of 2013, despite the expectation for a more profit-challenging environment.

"Farmers need to be aware of what’s happening in the used machinery market to buy at good prices," says Greg Peterson, Farm Journal Media’s used equipment values expert.

If you need to add new iron to your farm, Peterson recommends considering other types of auctions because used machinery typically goes for the highest price at farm auctions, knowing the market’s rhythms as the first and last quarters tend to have the highest prices, buy the right aged equipment—aim for two- to three-year-old equipment—and don’t let emotions run wild.